Time-varying price discovery in the eighteenth century: empirical evidence from the London and Amsterdam stock markets

This paper examines the time-varying nature of price discovery in eighteenth century cross-listed stocks. Specifically, we investigate how quickly news is reflected in prices for two of the great moneyed com- panies, the Bank of England and the East India Company, over the period 1723 to 1794. These British companies were cross-listed on the London and Amsterdam stock exchange and news between the capitals flowed mainly via the use of boats that transported mail. We examine in detail the historical context sur- rounding the defining events of the period, and use these as a guide to how the data should be analysed. We show that both trading venues contributed to price discovery, and although the London venue was more important for these stocks, its importance varies over time.

Enhanced Australian carbon sink despite increased wildfire during the 21st century

Climate projections show Australia becoming significantly warmer during the 21st century, and precipitation decreasing over much of the continent. Such changes are conventionally considered to increase wildfire risk. Nevertheless, we show that burnt area increases in southern Australia, but decreases in northern Australia. Overall the projected increase in fire is small (0.72–1.31% of land area, depending on the climate scenario used), and does not cause a decrease in carbon storage. In fact, carbon storage increases by 3.7–5.6 Pg C (depending on the climate scenario used). Using a process-based model of vegetation dynamics, vegetation–fire interactions and carbon cycling, we show increased fire promotes a shift to more fire-adapted trees in wooded areas and their encroachment into grasslands, with an overall increase in forested area of 3.9–11.9%. Both changes increase carbon uptake and storage. The increase in woody vegetation increases the amount of coarse litter, which decays more slowly than fine litter hence leading to a relative reduction in overall heterotrophic respiration, further reducing carbon losses. Direct CO2 effects increase woody cover, water-use efficiency and productivity, such that carbon storage is increased by 8.5–14.8 Pg C compared to simulations in which CO2 is held constant at modern values. CO2 effects tend to increase burnt area, fire fluxes and therefore carbon losses in arid areas, but increase vegetation density and reduce burnt area in wooded areas.

'The largest type in England': wood lettering for jobbing printing 1800–1830

Traces the development of new letterforms for printing in the first 30 years of the nineteenth century.

Greek printing outside Greece, from the 15th century to e-books

An exhibition of rare Greek printed books, with printed items dating from 1488 to recent decades, and rarely seen in one setting. This exhibition focuses on the typographic continuity of Greek literary culture.

Causation, complexity, and the concert: the pragmatics of causal explanation in international relations

A causal explanation provides information about the causal history of whatever is being explained. However, most causal histories extend back almost infinitely and can be described in almost infinite detail. Causal explanations therefore involve choices about which elements of causal histories to pick out. These choices are pragmatic: they reflect our explanatory interests. When adjudicating between competing causal explanations, we must therefore consider not only questions of epistemic adequacy (whether we have good grounds for identifying certain factors as causes) but also questions of pragmatic adequacy (whether the aspects of the causal history picked out are salient to our explanatory interests). Recognizing that causal explanations differ pragmatically as well as epistemically is crucial for identifying what is at stake in competing explanations of the relative peacefulness of the nineteenth-century Concert system. It is also crucial for understanding how explanations of past events can inform policy prescription.

Environmental and ecological economics in the 21st century: an age adjusted citation analysis of the most influential articles, journals, authors and institutions

We investigate the influence of articles, authors, journals and institutions in the field of environmental and ecological economics. We depart from studies that investigated the literature until 2001 and include a time period that has witnessed an enormous increase of importance in the field. We adjust for the age effect given the huge impact of the year of an article's publication on its influence and we show that this adjustment does make a substantial difference — especially for disaggregated units of analysis with diverse age characteristics such as articles or authors. We analyse 6597 studies on environmental and ecological economics published between 2000 and 2009. We provide rankings of the influential articles, authors, journals and institutions and find that Ecological Economics, Energy Economics and the Journal of Environmental Economics and Management have the most influential articles, they publish very influential authors and their articles are cited most. The University of Maryland, Resources for the Future, the University of East Anglia and the World Bank appear to be the most influential institutions in the field of environmental and ecological economics.

Revisiting 2D numerical models for the 19th century outbursts of eta Carinae

We present here new results of two-dimensional hydrodynamical simulations of the eruptive events of the 1840s (the great) and the 1890s (the minor) eruptions suffered by the massive star eta Carinae (Car). The two bipolar nebulae commonly known as the Homunculus and the little Homunculus (LH) were formed from the interaction of these eruptive events with the underlying stellar wind. We assume here an interacting, non-spherical multiple-phase wind scenario to explain the shape and the kinematics of both Homunculi, but adopt a more realistic parametrization of the phases of the wind. During the 1890s eruptive event, the outflow speed decreased for a short period of time. This fact suggests that the LH is formed when the eruption ends, from the impact of the post-outburst eta Car wind (that follows the 1890s event) with the eruptive flow (rather than by the collision of the eruptive flow with the pre-outburst wind, as claimed in previous models; Gonzalez et al.). Our simulations reproduce quite well the shape and the observed expansion speed of the large Homunculus. The LH (which is embedded within the large Homunculus) becomes Rayleigh-Taylor unstable and develop filamentary structures that resemble the spatial features observed in the polar caps. In addition, we find that the interior cavity between the two Homunculi is partially filled by material that is expelled during the decades following the great eruption. This result may be connected with the observed double-shell structure in the polar lobes of the eta Car nebula. Finally, as in previous work, we find the formation of tenuous, equatorial, high-speed features that seem to be related to the observed equatorial skirt of eta Car.

The Music Salon in Falun During the 19th Century

The aim of the project is to examine the music salon in Falun as a part of the mining community and in the historical context of European salon culture. A specifc goal is to develop a deeper understanding about the salon when it comes to education and pedagogic ideas. Of a certain interest is Johan Henrik Munktell’s (1804-1861) education travelling (bildningsresor). Inspired by Mendelssohn’s music salon in Berlin and the early salons in Upp-sala he created his own salon in Grycksbo. A letter collection from J.H. Munktell to his father J.J. Munktell in 1828-30 can be considered a unique historical material, which places the salon in Falun in a continental context of culture, education and industrial pretensions. The results have potential to extend the knowledge of Nordic salon culture and how it has infuenced general pedagogy and music education.

Why did democracy become the preferred political regime only in the twentieth century?

A Democracia Tornou-Se a Forma Preferida de Governo Apenas no Século Vinte. a Busca por Motivos Racionais para Entendermos a Razão não é Suficiente. o Autor Procura por um Fato Histórico Novo que Tenha Levado a Essa Mudança de Preferência, Baseado Sucessivamente na Revolução Capitalista e na Perda Gradual do Medo da Expropriação Pela Burguesia. a Revolução Capitalista que Mudou o Modo de Apropriação do Excedente, da Violência para o Mercado, é a Primeira Condição Necessária. Representa Também a Transição do Estado Absoluto para o Estado Liberal. a Segunda Condição é o Desaparecimento do Medo da Expropriação, Permitindo a Transição do Regime Liberal para o Regime Liberal-Democrático. Depois de Estabelecer Estas Duas Condições, ou Estes Dois Fatos Históricos Novos, o Regime Democrático Tornou-Se Rational Choice para Todas as Classes. para os Capitalistas, Democracia é Agora a Forma de Governo que Melhor Assegura o Direito À Propriedade e Aos Contratos. para os Trabalhadores, é a Forma de Governo que Melhor Assegura o Aumento de Salários com Lucros

From legal commons to social commons: Brazil and the cultural industry in the 21st century

This article describes some of the current transformations regarding the processes by which information and culture are generated, from the point of view of developing countries. In this brief analysis, the article discusses the role of projects such as Creative Commons for developing countries. It also discusses the idea of legal commons and social commons. While the idea of legal commons can be understood as the voluntary use of licenses such as Creative Commons in order to create a “commons”, the idea of social commons has to do with the tensions between legality and illegality in developing countries. These tensions appear prominently in the so-called global “peripheries”, and in many instances make the legal structure of intellectual property irrelevant, unfamiliar, or unenforceable, for various reasons. With the emergence of digital technology and the Internet, in many places and regions in developing countries (especially in the “peripheries”), technology ended up arriving earlier than the idea of intellectual property. Such a de facto situation propitiated the emergence of cultural industries that were not driven by intellectual property incentives. In these cultural businesses, the idea of “sharing” and of free dissemination of the content is intrinsic to the social circumstances taking place in these peripheries. Also, the appropriation of technology on the part of the “peripheries” ends up promoting autonomous forms of bridging the digital divide, such as the “LAN house” phenomenon discussed below. This paper proposes that many lessons can be learned from the business models emerging from social commons practices in developing countries. The tension between legality and illegality in “peripheral” areas in developing countries is not new. The work of Boaventura de Sousa Santos and others in the 1970s was paradigmatic for the discussion of legal pluralism regarding the occupation of land in Brazil. This paper aims to follow in that same pioneer tradition of studies about legal pluralism, and to apply those principles to the discussion of “intellectual property” rather than the ownership of land.